What Are The Best Prepaid Cards In Canada For Poker Deposits?
Prepaid cards in Canada are those cards which act like a credit card but doesn’t work like it. This means in credit card you have a sum of amount given to you by your bank which you have to return with interest if you use that amount. Whereas in prepaid cards in Canada you have to load this card with money and spend that amount in poker or slot games or at any other transaction you want to do. There is no interest fees in prepaid cards in Canada as the money spent is yours and not borrowed from any bank.
Moreover similar to your bank’s debit card, the best reloadable prepaid cards can be used to access cash at an ATM, pay bills, make online purchases, and send money to friends and family. Also some prepaid credit cards have apps that work as a budgeting tool and offer rewards.
Where can you obtain prepaid cards in Canada?
Prepaid credit cards in Canada are issued by banks, retailers, and other financial institutions using the Visa, Mastercard, or American Express payment networks. After obtaining your card, you will need to transfer money to it. You can load the card using Interac e-Transfer, Paypal, payroll, direct deposit, or via bill payment through your online banking.
Even if you do not have a bank account, you may be able to load money onto the card by visiting a designated location like Canada Post.
As said above prepaid cards in Canada only gives you access to the money you have loaded. When you make a payment, it is deducted from your balance until you have nothing left. This means unlike regular credit cards, prepaid cards do not give you a line of credit to draw on. This is why they are often also referred to as prepaid debit cards.
Prepaid cards in Canada work similar to a gift card that has been preloaded with money and you can use it to make payments like you would with a credit card.
The best thing is that you can obtain or get prepaid cards in Canada even if you have poor credit rating.
What are the best Prepaid Cards in Canada for Poker deposits?
1. KOHO Prepaid Mastercard
The KOHO Mastercard Prepaid cards in Canada were earlier known as KOHO prepaid Visa and it is one of the best prepaid cards in Canada.
This card also has a smartphone app you can use for budgeting, automating your savings, and making stress-free payments using Apple Pay or Google Pay. With KOHO prepaid Mastercard you earn cash back on all purchases. Cardholders earn between 0.50% and 2.00% cash back on purchases depending on their account type.
It combines all the benefits of a typical credit card with the exception of interest charges. You can use your prepaid card anywhere Mastercard is accepted and directly credit the card with the amount you want by using the KOHO app or by electronic transfer. KOHO offers three different prepaid credit card accounts: the “KOHO” account, the “KOHO Premium” account and the “KOHO Joint” account.
- $0 monthly account fee
- 0.50% cash back on all purchases
- Up to 10% cash back at select merchants
- Automatic savings using the roundup feature
- Real-time insight into your spending patterns
- Access to KOHO Credit Builder
- Spending limit: $4,000 of purchases per day
KOHO Premium Account
A KOHO Premium Account has a $9 monthly or $84 annual fee
- Monthly fee: $0 or $9 for KOHO Premium
- Free 30 Day Trial
- Reload methods: Interac e-Transfer, direct deposit, online bill payment, Canada Post cash load
- Best for: Earning cashback
- No currency exchange fees
- One free withdrawal per month from an overseas automated teller machine (ATM).
For $7 per month, the “Credit Building” program reports your progress to the credit bureaus. You can increase your rating in 6 months – all you need to do is make sure you have funds in your KOHO account. These will be collected automatically each month and you can see your rating progress directly in the app.
KOHO Joint Account
- Offers a 0.5% cash back on all of your purchases
- Additional cash back value on purchases made from certain selected retailers.
- Maximum deposit: $40000
2. CIBC AC Conversion Visa Prepaid Card
CIBC AC Conversion Visa Prepaid Card is best prepaid cards in Canada for travelers. Here you can load up to 10 currencies on it, available in 45 countries. In addition to the Canadian dollar, you have access to US, Australian and Hong Kong dollars, the euro, the British pound, the yen, the Turkish lira, the Swiss franc and the Mexican peso. Not only will you have no additional conversion fee, but you can also lock in an exchange rate every time you top up your card. You can top up your card through the AC conversion app or on the website and transfer funds between currencies. The app also allows you to track your spending.
- You can get your card online or at a CIBC branch in Pearson Airport in Toronto.
- This card does not have any fees for activation or topping up.
- Credited in the currency in which the purchase was made.
- Card can have a maximum balance of $20,000 (or the equivalent in another currency)
- Has a daily spending limit of $3,000 or the equivalent.
- Monthly fee: $0
- Fees: $25 Card Replacement Fee
- 2.5% Foreign Conversion Fee
- Reload method: Online banking
- Promo: Earn 1% cash back on all purchases for a limited time
Regular transaction fees apply if you need to make an ATM withdrawal outside Canada – the first ATM withdrawal is free each month.
Open your account with CIBC AC Conversion
3. Wealthsimple Cash Visa Card
This free reloadable Visa card pays 1% cash back on all purchases. It is available to users of the Wealthsimple Cash App, the free money transfer app that allows you to claim your unique Dollar $ign, like the Cash App in the U.S.
- Send cash instantly to people on your contact list
- No monthly account fees
- No fees for deposits or withdrawals
- Add the Card to your preferred digital wallet (Apple and Google Pay)
- Easily request money from friends or split a bill with them
- Monthly fee: $0
- Reload methods: Direct bank transfer
- Best for: Cash back rewards
Choose to use your cash back to buy stocks on Wealthsimple Trade or cryptocurrency on Wealthsimple Crypto.
Open your account with Wealthsimple
4. Mogo Prepaid Visa Card
The Mogo Visa Platinum prepaid is free prepaid cards in Canada and can be used to make purchases online and through POS. It is paired up with a versatile app that provides insights into how your money is being spent.
- This card charges no monthly interest and no interest on purchase transactions or the initial purchase of the card.
- It charges $1.50 for ATM transactions in Canada and $3 for ATM transactions abroad.
- The maximum card balance is $10,000 with a maximum single purchase amount of $5,000.
- You can make up to ten money transfers in a 24-hour period.
- You can top up your Mogo card via the mobile app or at a Canada Post office.
- The mobile app will send you balance updates and notifications every time you spend money.
- This card also offers a Visa Zero Liability feature to protect you against any fraudulent use.
- You can block your card at any time and order a new one directly through the mobile app.
- Easy payments using Apple Pay, Google Pay, and Samsung Pay.
- Easily freeze your card via the app if you lose it.
Like all other cards, get the Mogo Visa Platinum prepaid card, you need to first become a member.
Open your account with Mogo Visa
5. BMO Prepaid Travel Mastercard
The BMO Prepaid Travel Mastercard is a secure payment card prepaid with your own money. You can top it up and use it anywhere Mastercard cards are accepted, all while being protected against fraudulent use. The BMO Prepaid Travel Mastercard comes with Zero Liability protection in case of any unauthorized use.
- This card has an annual fee of $ 6.95 but has no interest on purchases and cash advances.
- You can load the card with funds starting at $100 up to a maximum of $10,000.
- To load your BMO prepaid Mastercard, transfer money from your BMO chequing or savings account. Non-BMO customers can load the card by adding it as a bill payment to their online banking.
Note that using your card for cash-like transactions incurs a $5 fee. Also, the standard 2.5% fee applies to foreign currency conversion.
6. Canada Post Prepaid Card
The Canada Post Prepaid Rechargeable Mastercard is best for any type of online or in store purchases. You can acquire it from any Canada Post office and it is accessible without having to provide credit history or banking information. This card keeps your money safe with chip protection and a PIN that is independent from your bank account. To acquire a Canada Post prepaid credit card, simply go to your post office with a valid photo ID. Clients can load Canadian dollars onto their card and lock in their exchange rate.
- You can load funds to the card and use them immediately.
- This Mastercard lets you choose between seven different currencies.
- Mastercard charges $15 for the acquisition of the card and $3 for any top ups.
- The card has an inactivity fee of $2.80 per month if it is not used after 12 months.
- Mastercard charges 1.5% for domestic plan spending only.
This card can be reloaded at any Canada Post office near you, in cash or with a debit card.
Open your account with Canada Post Prepaid cards
Other Canadian Prepaid Cards For Poker Deposits
There are various other Canadian prepaid cards to use. The following also offer a good choice for many.
- The Vanilla Prepaid Visa and Mastercard
- CIBC Smart Prepaid Visa Card
- STACK Prepaid Mastercard
- The Titanium+ Prepaid Mastercard
- American Express Prepaid Cards
Q1. Where do you buy prepaid credit cards?
In Canada you can buy prepaid credit cards at banks, stores, gas stations, convenience stores and at their online websites.
Q2. Are the prepaid cards linked to any bank account?
No the prepaid cards are not linked to any bank account. You can load the amount and spend without any interest.
Q3. Can prepaid cards be used at online casinos or poker rooms?
Yes you can use most prepaid cards online at casinos or poker rooms. You can visit the casino or poker room online and look at their banking page as what card they accept. Similarly at online stores remember that store-bought prepaid cards are not valid online, so you have to read the terms and conditions on the card before you buy it. Certain online merchants may not accept a prepaid card, but that is a case-by-case basis.
Q4. How does prepaid cards work?
Prepaid cards function similarly to debit cards in the sense that you can only spend money you already have. Prepaid cards can be used wherever Visa, Mastercard or American Express are accepted, but which credit card network you use depends on the card. Suppose you have a prepaid Visa card, you’d only be able to use it anywhere Visa is accepted.
Q5. How many types of prepaid cards are there?
There are two types of prepaid cards that you can purchase:
- A prepaid card that has a set amount already loaded, and
- A reloadable card that allows you to add additional funds.
In both cases, your spending limit is the amount you have currently stored on your card.